Marietta Wealth Management LLC cut its position in Verizon Communications Inc. (NYSE:VZ) by 37.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 10,142 shares of the cell phone carrier’s stock after selling 6,044 shares during the period. Marietta Wealth Management LLC’s holdings in Verizon Communications were worth $596,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in VZ. Weil Company Inc. lifted its position in shares of Verizon Communications by 2.2% during the third quarter. Weil Company Inc. now owns 7,903 shares of the cell phone carrier’s stock worth $470,000 after purchasing an additional 169 shares in the last quarter. Frisch Financial Group Inc. lifted its position in shares of Verizon Communications by 0.7% during the third quarter. Frisch Financial Group Inc. now owns 25,874 shares of the cell phone carrier’s stock worth $1,539,000 after purchasing an additional 176 shares in the last quarter. J. L. Bainbridge & Co. Inc. lifted its position in shares of Verizon Communications by 1.8% during the third quarter. J. L. Bainbridge & Co. Inc. now owns 10,010 shares of the cell phone carrier’s stock worth $596,000 after purchasing an additional 179 shares in the last quarter. Calton & Associates Inc. lifted its holdings in Verizon Communications by 0.5% in the third quarter. Calton & Associates Inc. now owns 33,827 shares of the cell phone carrier’s stock valued at $2,012,000 after buying an additional 180 shares during the period. Finally, AMI Asset Management Corp lifted its holdings in Verizon Communications by 1.6% in the fourth quarter. AMI Asset Management Corp now owns 11,786 shares of the cell phone carrier’s stock valued at $692,000 after buying an additional 181 shares during the period. Hedge funds and other institutional investors own 64.85% of the company’s stock.
VZ has been the topic of several analyst reports. JPMorgan Chase & Co. upgraded shares of Verizon Communications from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $61.00 to $65.00 in a report on Thursday, November 5th. Wells Fargo & Company assumed coverage on shares of Verizon Communications in a research note on Monday, November 16th. They issued an “equal weight” rating and a $60.00 target price for the company. Tigress Financial reaffirmed a “hold” rating on shares of Verizon Communications in a research note on Sunday, November 1st. Moffett Nathanson raised shares of Verizon Communications from a “neutral” rating to a “buy” rating and upped their target price for the company from $59.00 to $66.00 in a research note on Wednesday, December 2nd. Finally, Credit Suisse Group lowered their target price on shares of Verizon Communications from $61.00 to $59.00 and set a “neutral” rating for the company in a research note on Tuesday, January 19th. Eleven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $61.84.
VZ traded up $0.24 during trading hours on Tuesday, hitting $56.69. 379,228 shares of the company’s stock were exchanged, compared to its average volume of 20,626,359. Verizon Communications Inc. has a 1-year low of $48.84 and a 1-year high of $61.95. The stock’s 50-day moving average is $56.33 and its two-hundred day moving average is $58.66. The stock has a market cap of $234.59 billion, a price-to-earnings ratio of 12.25, a PEG ratio of 3.54 and a beta of 0.44. The company has a quick ratio of 0.93, a current ratio of 0.96 and a debt-to-equity ratio of 1.66.
Verizon Communications (NYSE:VZ) last announced its earnings results on Monday, January 25th. The cell phone carrier reported $1.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.17 by $0.04. Verizon Communications had a net margin of 14.76% and a return on equity of 32.15%. The business had revenue of $34.70 billion during the quarter, compared to analysts’ expectations of $34.47 billion. During the same quarter in the prior year, the company posted $1.13 earnings per share. The firm’s revenue was down .2% on a year-over-year basis. On average, equities research analysts anticipate that Verizon Communications Inc. will post 4.77 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, February 1st. Investors of record on Friday, January 8th were issued a dividend of $0.6275 per share. This represents a $2.51 annualized dividend and a yield of 4.43%. The ex-dividend date of this dividend was Thursday, January 7th. Verizon Communications’s payout ratio is 52.18%.
Verizon Communications Profile
Verizon Communications Inc offers communications, information, and entertainment products and services to consumers, businesses, and governmental entities worldwide. Its Consumer segment provides postpaid and prepaid service plans; Internet access on notebook computers and tablets; wireless equipment, including smartphones and other handsets; and wireless-enabled Internet devices, such as tablets, laptop computers and netbooks, and other wireless-enabled connected devices, such as smart watches and other wearables.
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